Keep it covered – why cancelling life insurance can be like scoring an own goal

J Finance Life Insurance

Cancelling life insurance

It’s easy to cancel direct debits at the click of a button, but take some expert advice before cancelling life insurance policies…

Once the Christmas tree is down and we all return to work, many of us take some time out to have a spring clean of our finances making sure we’re match-fit for the new year.

J Finance can help you kick start 2018 – World Cup year – with a protection review, to ensure you have the best cover and aren’t paying over the odds each month.

No one wants to score an own goal with their health, and protecting our own team in life is important to all of us – should the unthinkable happen.

At this time of year, we go through our bank accounts, looking for any direct debits or standing orders that we can cancel – it might be that gym membership you never use, or it might be some life insurance cover. But hey, you’re only young, you have years to get that back up and running right?

Wrong! Even if you are young, really fit, healthy and active, it is a false economy to cancel life cover. Even top athletes can be struck with serious illness. If we look at the football world for instance, Bolton Wanderers Fabrice Muamba midfielder had a heart attack and almost died on the pitch at White Hart Lane at the tender age of 23, while Rochdale midfielder Joe Thompson has recently returned to the game after defeating cancer for the second time at just 28. And of course, England legend Rio Ferdinand tragically lost his wife Rebecca Ellison to breast cancer when she was only 34.

While none of us really want to think about it, making sure that life insurance is in place will ensure that your loved ones are taken care of should the worst happen.

There may be ways to save money, but cancelling life cover should not be one of them. The ideal answer is to review your policies with a financial adviser, who will be able to ascertain whether they are still relevant and cost effective. This is an ideal time to both work out whether there is a better, more cost-effective option for you, and to update any relevant details, such as illnesses, change of career and change of family circumstances.

So, before you go online and cancel all those direct debits, make a New Year’s resolution to book a policy review with a financial adviser. As a valued client of J Finance there is no charge for this, it is part of the ongoing service we offer all our clients on a regular basis.

If you would like to book a review of your life insurance cover, or discuss anything other financial matters, we will be happy to help. Please contact us without obligation.

Established in Berkshire in 2004, J Finance Ltd is one of the leading financial planning companies in the area. We serve clients across the South of England including Oxfordshire, Buckinghamshire and Hampshire. If you would like to discuss this subject or any other financial matter, please contact us on 01635 521 300 or email contact@jfinance.co.uk.